Oxford Pharmascience has undertaken a £20m equity capital raise as it continues to make progress with its NSAID portfolio. The placing is significantly higher than its initial target of £5m, enabling the group to further develop its product portfolio and investigate additional potential applications for its technology. OXPzeroTM Naproxen continues to progress having recently achieved bioequivalence and commenced its endoscopy pilot clinical trial. The development of a chewable OXPzeroTM ibuprofen has also been completed. NSAIDs represent one of the most widely used drug classes in the world, but their use is associated with GI side effects. The group’s technology could potentially offer patients NSAIDs with an improved safety profile. The proceeds from the £20m equity capital raise enable the group to negotiate commercialisation deals from a position of strength whilst it continues to progress development of its product portfolio and increases efforts with OXPzeroTM Aspirin in particular. We remain very upbeat about OXP and its ability to exploit its re-formulation expertise.
